The boards of the Arkansas Credit Union League, the Credit Union Association of Oklahoma and the Texas Credit Union League said Monday they intend to merge.
The single regional league operating as Cornerstone Credit Union League would allow credit unions in each state to enjoy the services and strengths of the new larger league, its proponents said.
This is the second league merger proposed in recent weeks. On Dec. 6, The North Carolina Credit Union League and the South Carolina Credit Union League boards of directors said they unanimously voted to authorize a six-member task force to explore the consolidation of the two leagues.
“There’s no question that leagues are looking for more opportunities to collaborate,” said Michael Kloiber, CEO of the $2.8 billion Tinker Federal Credit Union in Oklahoma City, who chairs the Regionalization Task Force.
“Credit union leaders are looking for real value in their league membership – value that both shapes the credit union operating environment from a legislative and marketing perspective, and provides a full suite of products and services to its members to leverage our cooperative strength,” Kloiber said.
“By consolidating, we will ensure our region has enhanced services as well as a strong, united voice for credit unions in the marketplace, with elected officials, and within our movement,” he said.
If approved, the proposed Cornerstone Credit Union League will maintain an advocacy-focused office in each state capital to continue a local presence.
The league boards have agreed to a governance structure and transition plan for consideration by their credit union members, the leagues said in a statement on Monday.
The next step is to conduct information sessions across the region to address any questions members may have about the proposed consolidation. A vote by members on the consolidation will be held at meetings of each state league in the spring, the leagues said.